First Coast small business owners relieved fiscal cliff was avoided | News
JACKSONVILLE, Fla. -- Earlier this week, many small business owners on the First Coast were very concerned about the fiscal cliff and the impact it could have on their businesses. Now, they are expressing relief after Washington lawmakers voted late Tuesday night to pass legislation avoiding across-the-board tax hikes and cuts in domestic programs.
Doug Ganson owns the Sundrez store at the Landing. On Sunday, he was worried consumers wouldn't have the income to enjoy the entertainment at the Landing if taxes went up.
"They need to do their jobs in Congress like they expect every American to do theirs," said Ganson over the weekend.
Now he is very relieved after the deal was done.
"It is certainly good news. Now businesses can start planning for 2013. They know what the rules are, they know what the playing field is going to look like."
Ganson said if the income tax hikes had gone into effect, it would have been a disaster for small businesses like his, with consumers having less disposable income.
"That would have damaged retail, and restaurant sales, all types of sales in business across this country."
Sherry Lyford and her husband Mitch run River City Gourmet Shoppe. Lyford said the fiscal cliff would have hurt them in a big way.
"Sales were down anyway this year so to have an additional tax added to the burden that small businesses are under it would have been very bad, so it's good they finally sat down and figured out what they needed to do."
Taxpayer Willie McGoogin, who just relocated to Jacksonville from California, was very happy to see Congress come together.
"I am elated that we work hard to bring together and support the people. We need this, we don't need any tax increase at all. We need to stay where we are."
While the income tax rates are not going up for most people under the fiscal cliff agreement, it's not all good news. The Social Security payroll tax is increasing. If you make $30,000 a year, you will pay about $50 more per month. If you make $50,000 a year, you will pay about $83 more a month.